MANILA, Philippines - The benchmark Philippine Stock Exchange index (PSEi) extended its winning streak yesterday, taking its cue from strong regional markets after better US economic data helped allay fears about global growth, analysts said.
The main composite index climbed by another 10.34 points, or 1.14 percent to settle at 7,055.74, while the broader All Shares index rose 9.05 points, or 0.22 percent, to close at 4,055.42.
Asian and European shares followed Wall St.’s gains after new applications for US unemployment benefits fell back to a 42-year low last week. That suggested the US labor market remained strong even though recent jobs data releases have sent mixed signals. The Dow Jones Industrial index surged 217 points, or 1.3 percent, to close at 17,141.75, while the S&P 500 gained 29.62 points, or 1.49 percent higher at 2,023.86.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.1 percent higher, on track to show a rise of 1.3 percent for the week.
Japan’s Nikkei stock index was up 1.1 percent, but still poised for a 0.8 percent decline for the week.
Trading at the PSE yielded a value turnover of P8.31 billion even as decliners continue to edge out advancers 88 to 84, while 50 stocks were left unchanged.